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UPDATE 2-Lower European shares buck global trend

Stock MarketsOct 08, 2020 00:20
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
* Asian, U.S. stocks recover from stimulus doubts
* STOXX 600 down after four days of gains
* Beverage, mining companies rise after bullish brokerage
call

(Updates to market close)
By Sruthi Shankar
Oct 7 (Reuters) - European stocks mostly fell on Wednesday,
failing to join a recovery in global equities following a
selloff on doubts over U.S. stimulus, with blue-chip shares
weighing the most.
The pan-European STOXX 600 index .STOXX edged 0.1% lower
to break a four-session winning run. Blue-chip stocks .STOXX50
fell 0.3%.
The healthcare sector .SXDP was the biggest drag, with
telecom .SXKP , media .SXMP and real estate .SX86P stocks
also falling.
Asian markets and Wall Street stocks rebounded strongly from
overnight losses triggered by U.S. President Donald Trump
calling off talks over a coronavirus relief package until after
the election. .N
Later on, however, Trump urged Congress to provide $1,200
stimulus checks for Americans and other support for airlines and
small businesses.
"You can look at this as partly a negotiating tactic," said
Craig Erlam, senior market analyst at Oanda in London. "You call
off talks now in the hopes that the Democrats will cede a little
bit of ground. But I'm sceptical we'll get one before the
election."
The benchmark STOXX 600 hit a two-week high earlier this
week on reports of improvements in Trump's health after he
tested positive for COVID-19, although trading has been choppy
amid uncertainties about the November election.
Positive earnings reports and upbeat brokerage
recommendations helped limit the losses in Europe.
German logistics group Deutsche Post AG DPWGn.DE jumped
3.9% as it said it expected "exceptionally strong" business up
to Christmas as ecommerce keeps booming during the pandemic.
Dialog Semiconductor DLGS.DE rose 3.2% after it forecast
better-than-expected revenue in its third quarter. Miners .SXPP rose after JP Morgan took an "extreme
overweight" position, citing a boost to the sector from China's
recovery and potential U.S. stimulus. BHP BHPB.L , Anglo American AAL.L and Rio Tinto RIO.L
gained more than 2%, boosting UK's commodity-heavy FTSE 100
.FTSE .
Beverages companies AB InBev ABI.BR , Heineken HEIN.AS ,
and Pernod Ricard PERP.PA rose between 1.3% and 3.5% after
Jefferies upgraded the stocks to "buy", while double upgrading
Diageo DGE.L .
Britain's biggest supermarket chain Tesco TSCO.L slipped
0.7%, giving back gains after it reported a jump in sales.
Nexi NEXII.MI slid 5.7% after top shareholder Mercury UK
Holdco said it was selling 13.4% of its stake in the Italian
payments group, a day after Nexi announced a merger with rival
SIA.

UPDATE 2-Lower European shares buck global trend
 

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